Innovation Act for Industry-Academia Collaboration and Talent Cultivation in National Key Fields Article 42

The compilation and implementation of the budget of a key research institute, and the compilation of its annual financial statements shall be handled in accordance with the provisions of the Budget Act, the Accounting Act, the Financial Statement Act, the Audit Act, and the relevant laws and regulations. However, this requirement does not apply to any key research institute income from sources referred to in Subparagraph 2, Paragraph 1, Article 7.A key research institute shall draw up regulations governing the management of the affairs and income and expenditure of income from sources referred to in Subparagraph 2, Paragraph 1, Article 7 and shall submit the regulations to the supervisory committee for future reference upon deliberation and approval by the management committee.The financial supervision and management matters of a key research institute shall be handled in accordance with the related provisions of this Act and shall not be subject to the provisions of Article 5 to Article 11 of the National University Endowment Fund Establishment Act.